FTX Trading Ltd., the owner of crypto exchange FTX, is reportedly looking to buy South Korean crypto exchange Bithumb, Bloomberg reports.  

Bloomberg quoted a person familiar with the matter saying that the acquisition talks have been ongoing for several months. 

Bithumb has over 8 million registered users. Even though the exchange has seen over $1 trillion in total volume traded, Bithumb has been faced with challenges during its years in business.

According to the CoinGecko data, Bithumb currently processes around $569 million worth of trades on its platform daily. 

In 2020, Huobi was reportedly looking to acquire Bithumb, but the deal never went through. 

Also Read: Morgan Creek Is Trying To Bailout BlockFi To Counter FTX: Here’s How

Sam Bankman-Fried’s FTX and its American entity FTX US are in talks to raise fresh capital. 

Last month, FTX was in talks to acquire a stake in BlockFi after extending a $250 million credit line. 

In the same month, FTX acquired the Canadian crypto exchange Bitvo to expand FTX’s global reach. 

FTX has recently announced a joint offer with West Realm Shires Inc., the owner, and operator of FTX US, and Alameda Ventures Ltd, to provide early liquidity to customers of Voyager Digital Ltd VYGVQ

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